2023 Year in Review

January 2, 2024

The Capital Stack

In our final newsletter of 2023, I’m excited to sit and reflect on all that has happened. It ended up being a great year with massive swings.


  • We kicked off the year in Tampa with a one-day meetup with other real estate investors to discuss plans for the year.
  • Pinehurst had just fallen out of contract for the 2nd or 3rd time and we started shopping for a refinance.
  • We worked through interior renovations at Hollyvillage.
  • It was the first full month with new management at Suburban 36.
  • We did a lot of cold calling, which led to many offers but no deals. There are still a few in the pipeline that haven’t materialized yet.


  • We signed a PA to sell Hollyvillage.
  • More cold calling, more offers, no deals.
  • We worked through installing finishes at Harvard.


  • The sale of Hollyvillage fell through because the buyers’ equity partner withdrew from the contract.
  • More cold calls, more offers, no deals.
  • Finished K1s for investors.


  • Signed final PA to sell Pinehurst.
  • Signed final PA to sell Hollyvillage.
  • Made it to best and final on 48 units in Farmington Hills but lost to a cash buyer who ended up closing for $500k (10%+) under our offer. The cash offer provided “surety of closing” at a time when rates were insanely volatile.
  • More cold calls, more offers, no deals.
  • I was invited to speak at a local real estate brokerage to discuss the move from brokerage to investing.
  • We sold our partnership interest in The Heritage Apartments.
  • We introduced consolidation mode to The Capital Stack. Thanks for continuing to follow along!


  • We continued working through the closing process to sell Pinehurst and Holly.
  • More cold calls, more offers, no deals.
  • We offered $3.75m to a seller asking price of $5.5m. Macro market pricing is still way off.
  • We went all in on buying Silver Lake.


  • We closed on the Pinehurst Apartments.
  • We completed renovations on the east building of Harvard Lofts.
  • Silver Lake was verbally awarded to us.
  • Ironman 70.3 Benton Harbor.


  • We closed on Hollyvillage.
  • Harvard buyer got cold feet.
  • Negotiated Silver Lake PA.
  • Pre-DD on Silver Lake – 3rd party quotes, debt quotes, insurance quotes.
  • Completed dozens of investor calls with potential LPs for Silver Lake.


  • Silver Lake contract officially signed.
  • 99% of time allocated to DD and capital raising for Silver Lake.
  • The buyer’s contract on Harvard fell through.


  • Reached 100% occupancy at Harvard Lofts.
  • Silver Lake DD and capital raising continued.
  • US10Y went from 3.7% to 4.3%.
  • Terminated Silver Lake contract. At the date of projected closing, US10Y was 4.9%.
  • We sold the Salado Airport Lots.
  • Back to buy mode, made offers, no deals.


  • Harvard’s final PA was signed.
  • We continued making offers, but no deals.


  • We officially closed on Harvard Lofts.
  • More offers, 1 deal under contract! Currently in DD, expected close Q1 2024.


  • DD on our next acquisition 19 apartments + 8 storage units. We can’t wait to share more information!

In 2023 we experienced many achievements and setbacks. We completed Consolidation Mode and delivered exceptional returns to our investors. We also went under contract on what would have been our largest acquisition and spent hundreds of hours trying to get the deal across the finish line but ultimately rates and timing were not on our side, and we made the difficult decision to terminate the contract. We are excited to continue sharing all of the ups and downs in 2024!

Major Market News

South Florida Multifamily 2023

A recent article by The Real Deal features 10 of South Florida’s largest multifamily sales. According to the article, the largest deal of 2023 was Air Communities’ acquisition of two Miami Beach apartment buildings for $223.5 million. Other notable transactions include Stockbridge Capital Group purchasing the Casero apartment complex in Fontainebleau for $156 million, Praedium Group acquiring the Manor Lantana in Lantana for $138 million, and Harbor Group International’s $105.5 million purchase of Locklyn West Palm in West Palm Beach. The report also highlights transactions by Connor Group, Pantzer Properties, Bar Invest Group, Greystar, and GID, reflecting diverse investments across South Florida’s multifamily landscape.

Source: TheRealDeal. (2023, Dec 18th) Here are South Florida’s top multifamily deals of 2023. https://therealdeal.com/miami/2023/12/18/inside-south-floridas-top-multifamily-deals-of-2023/

Tips and Tricks


US10Y: Refers to the 10-year U.S. Treasury yield. It serves as a key indicator for interest rates, influencing borrowing costs and mortgage rates in the real estate market. Changes in the US10Y yield can impact the affordability of financing for multifamily properties, shaping investment decisions and property values. Investors in multifamily real estate closely monitor this benchmark to gauge the prevailing interest rate environment.


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